Cheaper Car Hire in the Future?

According to the FT, the new scheme, called MyLicence will allow drivers, as well as insurers and car hire companies, to view an individual’s driving history via the internet. This will mean that they can be absolutely sure that the information they receive is 100% accurate.

The Association of British Insurers has estimated that for the “honest” motorist, the potential savings from having this data available could be up to £15 on their car insurance premium, said the Cabinet Office.

Francis Maude, cabinet office minister, said insurers currently priced in a “risk premium” to cover themselves against drivers who understated the number of points they had accumulated on their licences.

The announcement also said that paper licences will be phased out by 2015 – good news for those of us who can’t remember which draw the paper bit is stuffed in!